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Great Wall Motor Q2 profit climbs 18.1% YOY

Great Wall Motor Co. Ltd. said its normalized net income for the second quarter came to 20 fen per share, compared with the S&P Capital IQ consensus estimate of 21 fen per share.

EPS rose 18.1% year over year from 17 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.84 billion yuan, a gain of 18.1% from 1.55 billion yuan in the prior-year period.

The normalized profit margin dropped to 8.7% from 8.7% in the year-earlier period.

Total revenue climbed 16.8% on an annual basis to 20.79 billion yuan from 17.81 billion yuan, and total operating expenses rose 18.3% year over year to 17.86 billion yuan from 15.09 billion yuan.

Reported net income rose 16.0% from the prior-year period to 2.53 billion yuan, or 28 fen per share, from 2.18 billion yuan, or 24 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.